Recent Articles
What are Education Tax Credits?
If you paid for college for yourself, a dependent or a spouse this year, you may be able to claim an education tax credit on your tax return. Education tax credits can help you afford college by reducing your tax liability and letting you save on your tax bill. There are two different types of education tax credits with their own eligibility requirements. The right credit for you depends on a few different factors. Here’s what you need to know....
Which FICO® Score Do Lenders Use?
If you want to apply for a mortgage, take out a new credit card, or apply for an auto loan, any reputable lender will probably look up your FICO® Score before giving you a loan. FICO® Scores are important indicators of your credit health and will largely determine mortgage terms and lending rates. However, because there are different scoring models, it's essential to know which one your lender will use. In most cases, the FICO® Score they use...
Why Do I Need My Credit Report?
Have you ever wondered why you even need to check your credit report? If so, you’re probably not alone. In this article, we answer the question of “Why do I need to check my credit report?” and break down how it impacts your day-to-day life. So, let’s dive into the intriguing world of credit reports. What is a Credit Report? Let's start with the basics. A credit report is like a financial report card. It's a detailed record of your credit...
5 Steps to Build Business Credit
Building a strong business credit score is crucial for any business owner. It not only separates your personal and business finances, but also provides access to better financing options and establishes credibility with suppliers and lenders. That’s why in this article, we walk you through five essential steps to help you build a solid business credit foundation. What is a Business Credit Score? A business credit score is a numerical...
What is a Good Business Credit Score?
Just as a personal credit score reflects an individual's financial health, a business credit score is an important indicator of a company's financial well-being. In this article, we explore what a business credit score is, why it's important, how to improve it, and the long-term benefits of maintaining a good business credit score. So, if you're a small or medium-sized business owner, an entrepreneur, or simply curious about business credit,...
Does Investing Affect Your Credit Score?
Navigating personal finances has often left people pondering whether their investments affect their credit scores. In this blog post, we aim to provide an answer by untangling the relationship between investing and credit scores. By clearing up misconceptions, pointing out the differences, and diving into the factors that really influence your credit score, we give you a complete picture of how investing affects your credit score. Do Investment...
What Makes Up My FICO® Score?
Your credit score plays a big role in shaping your financial opportunities. And whether you're trying to get a loan, credit card, or better interest rates, lenders pay close attention to your FICO® Score in particular. In fact, FICO® Scores are used by more than 90% of major lenders. In this blog, we explore the components that make up your FICO® Score and break down why it matters in your financial life. What Is a FICO® Score? Your FICO® Score...
How Does Taking Out a Mortgage Affect Your Credit Scores?
For many people, securing a mortgage marks the beginning of an exciting new chapter. However, considering the scale of such a large purchase, it's only natural to wonder about its potential impact on your credit scores. In this blog, we explain how taking out a mortgage can affect your credit scores. We also introduce you to a powerful tool – the FICO® Score Simulator offered by MyScoreIQ – that can help you plan for significant financial...
What are the Benefits of Financial Coaching?
Have you ever found yourself spending more time on Amazon than you’d like to admit? Taking a daily coffee run to Starbucks when you have coffee at home? Wondering why you aren’t able to save as much money as you’d like to? If you can relate, you might benefit from financial coaching. In this blog, we break down the benefits of financial coaching, so you can better understand if it’s the right solution for you. What is a Financial Coach?...
Is It Better to Use a Credit Union or a Bank?
Banks and credit unions offer many similar financial products and services. But if you’re looking for the best financial institution to open a new checking or savings account, take out a loan or open a new credit card, there are some key differences between banks and credit unions that you should know. Here’s how to help decide whether a bank or credit union is better for you. Credit Unions vs. Banks The biggest difference between banks and...
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